By John Lee.
ExxonMobil has reportedly pulled out of three of the six exploration blocks it operated in Iraqi Kurdistan.
According to Iraq Oil Report, it has abandoned the Qara Hanjeer, Arbat East, and Betwata blocks, while retaining 80 percent stakes in the Al Qosh, Pirmam and Bashiqa blocks.
KRG’s Minister of Natural Resources, Ashti Hawrami, is quoted as saying:
“Some companies didn’t meet contractual deadlines and according to the contract had to relinquish their areas.”
Click here to read the full report. (http://www.iraqoilreport.com/news/exxon-cuts-kurdistan-portfolio-half-20566/)
(Source: Iraq Oil Report)